Africa’s Oil Nations Make Progress in Creating $5-Billion Energy Bank

The oil-producing nations in Africa have raised 45% of the initial $5-billion seed capital for the planned Africa Energy Bank (AEB), which is set to fund oil projects on the continent amid a crunch in financing on the international markets. The early financial supporters of the Africa Energy Bank include major oil producers Nigeria, Angola, and Ghana, according to Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organization (APPO). “I believe we are the first development bank to progress from conceptualization to…